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Notes to Basic Financial Statements For the Fiscal Year Ended June 30,2004
<br /> ' The Town is subject to various debt limits by statute and may issue additional general obligation debt under the
<br /> normal debt limit. At June 30,2004,the Town had the following authorized and unissued debt:
<br /> Purpose Amount
<br /> ' Algonquin Avenue....................... $ 263,388
<br /> Seabrook Village........................... 340,884
<br /> Regional septage.......................... 3,250,000
<br /> ' Sewer facilities plan...................... 405,140
<br /> Landfill capping........................... 365,400
<br /> Mashpee River dredge................... 275,000
<br /> ' Library expansion......................... 120,000
<br /> Peck land.................................... 67,000
<br /> Fire station renovation................... 30
<br /> Great Oak/Abigail........................ 593,200
<br /> ' Senior Citizens addition................ 1,500,000
<br /> Total......................................... $ 7,180,042
<br /> Changes in Long-Term Liabilities
<br /> During the fiscal year ended June 30,2004,the following changes occurred in long-term liabilities:
<br /> Balance Balance
<br /> ' June 30, June 30, Current
<br /> 2003 Increases Decreases 2004 Portion
<br /> ' Bonds and notes payable,gross..... $ 29,469,152 $ 21,675,000 $ (18,690,298) $ 32,453,854 $ 2,826,086
<br /> Unamortized premium................ 1,516,750 (63,198) 1,453,552 126,396
<br /> Deferred loss on refundings......... - (1,764,487) 73,520 (1,690,967) 147,041)
<br /> ' Bonds and notes payable,net........ 29,469,152 21,427,263 (18,679,976) 32,216,439 2,805,441
<br /> ' Landfill closure.......................... 615,000 - (28,600) 586,400 25,000
<br /> Compensated absences................ 1,149,550 56,226 1,205,776 120,578
<br /> ' Total........................................ $ 31,233,702 $ 21,483,489 $ (18,708,576) $ 34,008,615 $ 2,951,019
<br /> These long-term liabilities are generally liquidated by the general fund. The Landbank major fund transfers
<br /> ' amounts to the general fund to pay for its share of debt service expenditures.
<br /> ' NOTE 9-LANDFILL CLOSURE AND POSTCLOSURE CARE COSTS
<br /> State and federal laws and regulations required the Town to close its old landfill site when it stopped accepting
<br /> waste and to perform certain maintenance and monitoring functions at the site after closure. The Town had
<br /> operated a solid waste landfill that ceased operations in 1998 and,accordingly,was subsequently capped and
<br /> funded via long-term debt. The Town has reflected$586,400 as the estimate of the landfill post-closure care
<br /> liability at June 30,2004. Actual costs maybe higher due to inflation,changes in technology,or changes in
<br /> ' regulations.
<br /> ' Town of Mashpee,Massachusetts 37 Basic Financial Statements
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